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<br />EXHIBIT 3
<br />WISEPlace PSH
<br />Cash Flow Satement - Detailed City of Santa Ana
<br />Version:
<br />Revised:
<br />9% - TCAC Application
<br />02/08/23
<br />INFLATOR:
<br />INCOME
<br />2% / 3%
<br />STABILIZED YEAR
<br />PER UNIT
<br />Lease Up 4mo.
<br />Stabilized 8mo.
<br />2025
<br />1 2 3 4 5 6 7 8 9 10
<br />2034
<br />11
<br />2035
<br />12
<br />2036
<br />13
<br />2037
<br />14
<br />2038
<br />15
<br />2039
<br />16
<br />2040
<br />17
<br />2041
<br />18
<br />2042
<br />19
<br />2043
<br />20
<br />2044202520262027202820292030203120322033 TOTAL
<br />Gross Potential Rental Income
<br />Other Income (Residential)
<br />GROSS POTENTIAL INCOME (RES.)
<br />Vacancy (Residential)
<br />Vacancy (Other Income)
<br />Gross Commercial Income
<br />Vacancy (Commercial)
<br />Subsidy Income
<br />Vacancy (Subsidy)
<br />Operating Reserve Draws
<br />EFFECTIVE GROSS INCOME
<br />3,361 161,304 0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />161,304
<br />5,184
<br />166,488
<br />(36,624)
<br />(518)
<br />164,530 167,821 171,177 174,601 178,093 181,655 185,288 188,993 192,773 196,629 200,561 204,572 208,664 212,837 217,094 221,436 225,865 230,382
<br />7,404
<br />237,786
<br />(23,038)
<br />(740)
<br />234,989
<br />7,552
<br />242,542
<br />(23,499)
<br />(755)
<br />3,919,263
<br />125,958
<br />4,045,221
<br />(412,420)
<br />(12,596)
<br />0
<br />108
<br />3,469
<br />(336)
<br />(11)
<br />0
<br />0
<br />9,463
<br />(662)
<br />0
<br />5,184
<br />166,488
<br />(16,130)
<br />(518)
<br />5,288
<br />169,818
<br />(16,453)
<br />(529)
<br />5,393
<br />173,214
<br />(16,782)
<br />(539)
<br />5,501
<br />176,678
<br />(17,118)
<br />(550)
<br />5,611
<br />180,212
<br />(17,460)
<br />(561)
<br />5,724
<br />183,816
<br />(17,809)
<br />(572)
<br />5,838
<br />187,493
<br />(18,165)
<br />(584)
<br />5,955
<br />191,242
<br />(18,529)
<br />(595)
<br />6,074
<br />195,067
<br />(18,899)
<br />(607)
<br />6,195
<br />198,969
<br />(19,277)
<br />(620)
<br />6,319
<br />202,948
<br />(19,663)
<br />(632)
<br />6,446
<br />207,007
<br />(20,056)
<br />(645)
<br />6,575
<br />211,147
<br />(20,457)
<br />(657)
<br />6,706
<br />215,370
<br />(20,866)
<br />(671)
<br />6,840
<br />219,677
<br />(21,284)
<br />(684)
<br />6,977
<br />224,071
<br />(21,709)
<br />(698)
<br />7,117
<br />228,552
<br />(22,144)
<br />(712)
<br />7,259
<br />233,123
<br />(22,586)
<br />(726)
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0 0
<br />454,200
<br />(31,794)
<br />0
<br />454,200
<br />(31,794)
<br />0
<br />463,284
<br />(32,430)
<br />18,437
<br />602,127
<br />472,550
<br />(33,078)
<br />23,275
<br />618,639
<br />482,001
<br />(33,740)
<br />28,355
<br />635,626
<br />491,641
<br />(34,415)
<br />33,685
<br />653,102
<br />501,474
<br />(35,103)
<br />39,275
<br />671,080
<br />511,503
<br />(35,805)
<br />45,135
<br />689,576
<br />521,733
<br />(36,521)
<br />51,274
<br />708,604
<br />532,168
<br />(37,252)
<br />57,703
<br />728,180
<br />542,811
<br />(37,997)
<br />64,433
<br />748,319
<br />553,667
<br />(38,757)
<br />71,475
<br />769,039
<br />564,741
<br />(39,532)
<br />78,840
<br />790,355
<br />576,035
<br />(40,322)
<br />86,540
<br />812,285
<br />587,556
<br />(41,129)
<br />94,587
<br />834,847
<br />599,307
<br />(41,952)
<br />102,994
<br />858,059
<br />611,293
<br />(42,791)
<br />77,740
<br />847,907
<br />623,519
<br />(43,646)
<br />85,885
<br />871,455
<br />635,990
<br />(44,519)
<br />94,400
<br />895,681
<br />648,709
<br />(45,410)
<br />103,297
<br />920,605
<br />661,684
<br />(46,318)
<br />112,592
<br />946,245
<br />11,035,865
<br />(772,511)
<br />1,269,920
<br />15,153,48011,922 572,245 551,752
<br />OPERATING EXPENSES
<br />Management Fee
<br />Real Estate Taxes
<br />Insurance - Property
<br />Utilities
<br />Payroll
<br />Repairs & Maintenance
<br />Marketing
<br />Administrative
<br />Contract Services
<br />Manager Rent
<br />Agency Debt Service
<br />Supportive Services
<br />Other (Monitoring Fees)
<br />Other (Misc. Licenses)
<br />Other (Security)
<br />Other (HCD Payments)
<br />Operating Reserve
<br />Replacement Reserve
<br />TOTAL OPERATING EXPENSES
<br />780
<br />139
<br />396
<br />1,233
<br />2,684
<br />1,368
<br />18
<br />921
<br />85
<br />0
<br />37,440
<br />6,675
<br />19,000
<br />59,203
<br />128,832
<br />65,678
<br />864
<br />44,208
<br />4,080
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />24,960
<br />6,675
<br />19,000
<br />59,203
<br />128,832
<br />65,678
<br />864
<br />44,208
<br />4,080
<br />0
<br />38,563
<br />6,808
<br />19,570
<br />60,979
<br />132,697
<br />67,648
<br />890
<br />45,534
<br />4,202
<br />0
<br />39,720
<br />6,945
<br />20,157
<br />62,809
<br />136,678
<br />69,678
<br />917
<br />46,900
<br />4,328
<br />0
<br />40,912
<br />7,083
<br />20,762
<br />64,693
<br />140,778
<br />71,768
<br />944
<br />48,307
<br />4,458
<br />0
<br />42,139
<br />7,225
<br />21,385
<br />66,634
<br />145,001
<br />73,921
<br />972
<br />49,756
<br />4,592
<br />0
<br />43,403
<br />7,370
<br />22,026
<br />68,633
<br />149,351
<br />76,139
<br />1,002
<br />51,249
<br />4,730
<br />0
<br />44,705
<br />7,517
<br />22,687
<br />70,692
<br />153,832
<br />78,423
<br />1,032
<br />52,787
<br />4,872
<br />0
<br />46,046
<br />7,667
<br />23,368
<br />72,812
<br />158,447
<br />80,775
<br />1,063
<br />54,370
<br />5,018
<br />0
<br />47,428
<br />7,821
<br />24,069
<br />74,997
<br />163,200
<br />83,199
<br />1,094
<br />56,001
<br />5,168
<br />0
<br />48,851
<br />7,977
<br />24,791
<br />77,247
<br />168,096
<br />85,695
<br />1,127
<br />57,681
<br />5,323
<br />0
<br />50,316
<br />8,137
<br />25,534
<br />79,564
<br />173,139
<br />88,265
<br />1,161
<br />59,412
<br />5,483
<br />0
<br />51,826
<br />8,299
<br />26,300
<br />81,951
<br />178,333
<br />90,913
<br />1,196
<br />61,194
<br />5,648
<br />0
<br />53,380
<br />8,465
<br />27,089
<br />84,410
<br />183,683
<br />93,641
<br />1,232
<br />63,030
<br />5,817
<br />0
<br />54,982
<br />8,635
<br />27,902
<br />86,942
<br />189,194
<br />96,450
<br />1,269
<br />64,921
<br />5,992
<br />0
<br />56,631
<br />8,807
<br />28,739
<br />89,550
<br />194,869
<br />99,344
<br />1,307
<br />66,869
<br />6,171
<br />0
<br />58,330
<br />8,984
<br />29,601
<br />92,237
<br />200,716
<br />102,324
<br />1,346
<br />68,875
<br />6,357
<br />0
<br />60,080
<br />9,163
<br />30,489
<br />95,004
<br />206,737
<br />105,394
<br />1,386
<br />70,941
<br />6,547
<br />0
<br />61,883
<br />9,346
<br />31,404
<br />97,854
<br />212,939
<br />108,555
<br />1,428
<br />73,069
<br />6,744
<br />0
<br />63,739
<br />9,533
<br />32,346
<br />100,789
<br />219,327
<br />111,812
<br />1,471
<br />75,261
<br />6,946
<br />0
<br />65,651
<br />9,724
<br />33,317
<br />103,813
<br />225,907
<br />115,166
<br />1,515
<br />77,519
<br />7,154
<br />0
<br />993,547
<br />162,182
<br />510,537
<br />1,590,812
<br />3,461,755
<br />1,764,787
<br />23,216
<br />1,187,886
<br />109,631
<br />0
<br />2.00%
<br />0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
<br />2.50%
<br />3.00%
<br />3,104
<br />87
<br />55
<br />384
<br />0
<br />0
<br />149,000
<br />4,180
<br />2,640
<br />18,432
<br />0
<br />149,000
<br />4,180
<br />2,640
<br />18,432
<br />0
<br />152,725
<br />4,305
<br />2,719
<br />18,985
<br />0
<br />156,543
<br />4,435
<br />2,801
<br />19,555
<br />0
<br />160,457
<br />4,568
<br />2,885
<br />20,141
<br />0
<br />164,468
<br />4,705
<br />2,971
<br />20,745
<br />0
<br />168,580
<br />4,846
<br />3,060
<br />21,368
<br />0
<br />172,794
<br />4,991
<br />3,152
<br />22,009
<br />0
<br />177,114
<br />5,141
<br />3,247
<br />22,669
<br />0
<br />181,542
<br />5,295
<br />3,344
<br />23,349
<br />0
<br />186,081
<br />5,454
<br />3,445
<br />24,050
<br />0
<br />190,733
<br />5,618
<br />3,548
<br />24,771
<br />0
<br />195,501
<br />5,786
<br />3,654
<br />25,514
<br />0
<br />200,388
<br />5,960
<br />3,764
<br />26,280
<br />0
<br />205,398
<br />6,138
<br />3,877
<br />27,068
<br />0
<br />210,533
<br />6,323
<br />3,993
<br />27,880
<br />0
<br />215,796
<br />6,512
<br />4,113
<br />28,716
<br />0
<br />221,191
<br />6,708
<br />4,236
<br />29,578
<br />0
<br />226,721
<br />6,909
<br />4,364
<br />30,465
<br />0
<br />232,389
<br />7,116
<br />4,494
<br />31,379
<br />0
<br />238,199
<br />7,330
<br />4,629
<br />32,321
<br />0
<br />3,806,154
<br />112,318
<br />70,938
<br />495,275
<br />0
<br />0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
<br />0.00%500
<br />11,755
<br />24,000
<br />564,232
<br />24,000
<br />551,752
<br />24,000
<br />579,627
<br />24,000
<br />595,464
<br />24,000
<br />611,756
<br />24,000
<br />628,515
<br />24,000
<br />645,756
<br />24,000
<br />663,492
<br />24,000
<br />681,738
<br />24,000
<br />700,508
<br />24,000
<br />719,817
<br />24,000
<br />739,681
<br />24,000
<br />760,117
<br />24,000
<br />781,140
<br />24,000
<br />802,767
<br />24,000
<br />825,017
<br />24,000
<br />847,907
<br />24,000
<br />871,455
<br />24,000
<br />895,681
<br />24,000
<br />920,605
<br />24,000
<br />946,245
<br />480,000
<br />14,769,038
<br />NET OPERATING INCOME
<br />DEBT SERVICE (HARD)
<br />167 8,014 0 0 22,500 23,175 23,870 24,586 25,324 26,084 26,866 27,672 28,502 29,357 30,238 31,145 32,080 33,042 0 0 0 0 0 384,442
<br />Permanent Loan
<br />Tranche B - Loan
<br />Permanent Loan (2)
<br />Accrual Mortgage
<br />Variable Interest Mortgage
<br />TOTAL DEBT SERVICE
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />Stabilized DSC
<br />Required DSC
<br />N/A
<br />1.15
<br />NET CASH FLOW 0 0 22,500 23,175 23,870 24,586 25,324 26,084 26,866 27,672 28,502 29,357 30,238 31,145 32,080 33,042 0 0 0 0 0 384,442
<br />HARD DEBT RATIOS
<br />Debt Service Coverage Ratio (Hard)
<br />Break-Even Occupancy
<br />N/A
<br />N/A
<br />N/A
<br />N/A
<br />N/A
<br />89.0%
<br />N/A
<br />89.1%
<br />N/A
<br />89.1%
<br />N/A
<br />89.2%
<br />N/A
<br />89.2%
<br />N/A
<br />89.2%
<br />N/A
<br />89.3%
<br />N/A
<br />89.3%
<br />N/A
<br />89.4%
<br />N/A
<br />89.4%
<br />N/A
<br />89.4%
<br />N/A
<br />89.5%
<br />N/A
<br />89.5%
<br />N/A
<br />89.5% N/A
<br />N/A N/A N/A N/A N/A N/A
<br />90.4%N/A N/A N/A N/A
<br />Ratio of Hard Debt To Total Sources 0.0%
<br />DISTRIBUTION OF INCOME (WATERFALL)
<br />TYPE
<br />SLP
<br />GP
<br />Loan
<br />Loan
<br />Loan
<br />Loan
<br />Loan
<br />GP
<br />LP Administrative Fee
<br />GP Asset Management Fee
<br />Deferred Developer Fee
<br />City of Santa Ana
<br />City of Santa Ana - COSR
<br />OCHFT
<br />County ARPA
<br />Social Services Fee
<br />Other
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />7,500
<br />15,000
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />7,725
<br />15,450
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />7,957
<br />15,914
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />8,195
<br />16,391
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />8,441
<br />16,883
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />8,695
<br />17,389
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />8,955
<br />17,911
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />9,224
<br />18,448
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />9,501
<br />19,002
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />9,786
<br />19,572
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />10,079
<br />20,159
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />10,382
<br />20,764
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />10,693
<br />21,386
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />11,014
<br />22,028
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />128,147
<br />256,295
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0GP00000000000000000000
<br />TOTAL EXPENSES, FEES AND DEBT SERVICE 551,752 602,127 618,639 635,626 653,102 671,080 689,576 708,604 728,180 748,319 769,039 790,355 812,285 834,847 858,059 847,907 871,455 895,681 920,605 946,245 384,442
<br />CASH FLOW 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
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